TradeStalker's
R.B.I. Trader's Update
2 / 11 / 2009
(Published Since 1996)
...............................................
Dateline: 6:28 pm eastern time, 2/11/2009
The market opened slightly higher on Wednesday but the early
strength was sold about 25 minutes into trading and the ES
dropped from 835.50 to updated support at 824.50. The market
reversed and went up to test the highs, but the move fizzled
and the market went trend down to test the Tuesday low.
After reaching 819.50, the ES quickly reversed and the ES
ran back up to 835.50 again and then backed off 9 points to
826.25. Buying came in in the last 20 minutes as the market
ended the day about where it started.
The internal gauges have come back to neutral after being at
extremes at Monday's close. The move on Wednesday was mostly
within the Tuesday range, as the downside momentum abates a
bit. The market should try to repair some of the damage from
the hammering the market took on Tuesday. An up-down-up type
of move off of this low could set the market up for one more
hard hit to the downside, which could end the current major
bear market move and be the beginning of a rally into early
spring.
In any case, on Thursday the market will need to hold the
initial support areas in order to avoid rolling back over
again. That's at the 826.25-825.50 zone on the ES and the
7902-7897 area on the Dow Cash. If they are broken, then a
test of the Wednesday lows would need to hold. The ES made a
double bottom at the 819.50 level on the ES, and the quick
reversal showed that the support should be solid there. If
that is broken and not quickly reversed for a third time,
then a move towards the 800 area on the ES could be in the
cards.
On the upside, the ES made a double top at the 835.50-836.25
area on Wednesday. The market was unable to sustain its
gains, so a move back towards that area needs to avoid
fizzling out again. A move above that area could cause a
push towards the 840.25-840.75 zone. If the market gets
there and then reverses, it should offer a good shorting
opportunity.
March 2009 SP futures resistance
symbols: emini = esh9 / big contract =sph9
835.50-836.25
840.25-840.75
852.50-853.25
March 2009 SP futures support
symbols: emini = esh9 / big contract =sph9
826.25-825.50
820.00-819.50
817.50-816.75
812.50-812.00
807.50-807.00
800.50-799.50
794.00-792.50
March 2009 Nasdaq futures resistance
symbols: emini = nqh9 / big contract = ndh9
1335.00-1236.25
1240.25-1241.50
1256.50-1257.75
March 2009 Nasdaq futures support
symbols: emini = nqh9 / big contract = ndh9
1221.50-1221.00
1217.00-1216.50
1212.25-1210.75
1207.25-1206.75
1199.25-1198.25
March 2009 Dow futures resistance
symbols: emini = ymh9
7946-7952
7978-7984
8056-8062
March 2009 Dow futures support
symbols: emini = ymh9
7902-7897 {cash}
7815-7810
7799-7794
7762-7757
7712-7706
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REMINDER:
Real Time subscribers can view these updates on
the web at this site:
http://www.tradestalker.com/members
---------------------------
Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
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PO Box 9783, Ft Wayne, IN, 46899
Disclaimer
The financial markets are risky. Investing is risky.
Past performance does not guarantee future performance.
The foregoing has been prepared solely for informational
purposes and is not a solicitation, or an offer to buy
or sell any security. Opinions are based on historical
research and data believed reliable, but there is no
guarantee that future results will be profitable.
We are not advocating trading futures. The prices and
contracts in the TradeStalker Updates specify a manner
in which you could trade. We occasionally mention the
SP500 and Nasdaq futures markets because it is
extremely liquid and tends to lead the other markets.
This is not an endorsement or recommendation of the SP500
and Nasdaq futures markets. The risk of loss in futures
is substantial. You can lose more than your original
investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.
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